Summary of Conference Call on Autonomous Vehicle Industry Trends Industry Overview - The conference call discusses the trends in the L4 autonomous driving technology industry, highlighting its broad application prospects across various sectors, particularly in robotaxi and unmanned delivery vehicles [1][2][3]. Key Points and Arguments L4 Autonomous Driving Technology - L4 autonomous driving technology is experiencing significant advancements due to breakthroughs in algorithms, supply chain standardization, and a decrease in the cost of laser radar [1][5]. - The market for unmanned delivery vehicles is expected to grow, driven by cost reductions and the opening of road rights, particularly in logistics where time sensitivity is lower [1][8]. Economic Viability - Specific scenarios have already demonstrated significant economic benefits, with unmanned delivery vehicles showing potential for cost savings in logistics, reducing delivery costs to as low as 0.08 CNY per package [3][21][22]. - The logistics industry is beginning to adopt unmanned vehicles, with major express companies like SF Express planning to increase their procurement significantly in 2025 [17]. Future Trends - The future of the unmanned delivery vehicle industry is characterized by two main trends: companies with sufficient funding engaging in price wars through internet models, and operational entities benefiting from reduced labor costs [9][24]. - The potential market for unmanned vehicles in logistics could reach hundreds of thousands of units, contingent on the suitability of various delivery scenarios [18]. Policy Support - There is a growing trend of policy support for unmanned delivery technology, with various regions opening up road rights and the Ministry of Transport promoting AI integration in transportation [23]. Additional Important Insights - The shift in thinking from a research-driven approach to one focused on applicability has allowed many unmanned vehicle companies to gain traction in recent years [5][8]. - The logistics sector's characteristics, such as large volumes and lower time sensitivity, make it particularly suitable for the development of unmanned delivery vehicles [7][9]. - The integration of unmanned vehicles into logistics could lead to a transformation in business models, allowing for more efficient use of human resources [24]. Investment Opportunities - Recommended investment targets include direct logistics companies like SF Express and Debon, as well as leading franchise logistics companies such as Shentong, Zhongtong, and YTO Express, which are expected to benefit from the changes in the industry [25][26].

每经记者｜王郁彪 每经实习编辑｜余婷婷 ｜2025年6月6日 星期五｜ NO.1 塔斯汀增资至约1.18亿元 增幅约11323% 6月5日消息，福州塔斯汀餐饮管理有限公司近日发生工商变更。注册资本由约103万元人民币增至约 1.18亿元人民币，增幅约11323%。该公司成立于2017年12月，法定代表人为杨兵，经营范围包括餐饮 管理、企业管理咨询等。 点评：塔斯汀的增资为其在餐饮市场的进一步扩张提供了资金支持。餐饮行业竞争激烈，资本的注入有 助于塔斯汀提升品牌影响力、优化服务质量以及拓展门店网络等。未来，塔斯汀需继续加强品牌建设， 同时提升运营效率，应对餐饮市场的新变化。 NO.2 滴滴一季度中国出行日均订单量达到3620万单 6月5日，滴滴发布了2025年一季度业绩报告。一季度，滴滴核心平台订单量同比增长13.4%，达到42.47 亿单。其中，中国出行、国际业务季度日均订单量分别达到3620万单、1099万单。同期，核心平台总交 易额同比增长10.2%至1016亿元。一季度滴滴实现净利润24亿元，经调整净利润29亿元。 点评：滴滴的增长得益于其在国内外市场的均衡发展。中国出行和国际业务的订单量，也能看出国内 ...

Group 1 - The core focus of the article is the increasing competition in logistics efficiency among e-commerce platforms during the 618 shopping festival, with a specific emphasis on the collaboration between Taobao Tmall and SF Express to enhance delivery speed [1][2] - Taobao Tmall has launched a high-quality logistics service brand called "Jisu Shangmen," which aims to provide next-day delivery for participating products, enhancing consumer choice and recognition [1][2] - The initial phase of the "Jisu Shangmen" service involves a pilot program with select merchants, and after successful testing, it will be opened to all merchants on the platform [1][2] Group 2 - The logistics experience manager at Taobao Tmall highlighted that superior logistics capabilities will become a crucial competitive metric for merchants, with those meeting standards receiving more platform resources [2] - The article notes that consumers can now filter products by "next-day delivery" on Taobao, indicating a shift towards more immediate delivery options [2][3] - JD Logistics has also announced its own initiatives to enhance delivery efficiency during the 618 festival, indicating a broader trend in the industry towards improving logistics capabilities [3] Group 3 - The CEO of iiMedia Consulting emphasized that quality logistics services can significantly boost merchant visibility and sales during the 618 festival, as consumer expectations for delivery speed continue to rise [3] - The demand for faster delivery options, such as next-day, same-day, and hourly delivery, is increasing, prompting merchants to optimize their logistics processes while managing costs [3] - The competition in the logistics sector is expected to intensify as e-commerce platforms expand their demand for timely deliveries, leading to new challenges for logistics companies in optimizing processes and enhancing efficiency [3]

长沙晚报掌上长沙6月5日讯（全媒体记者 刘捷萍 通讯员 杨倩）6月5日，121台新石器X3型无人快递车交付仪式在 顺丰丰泰产业园举行。6月底前，69台顺丰无人车将在湘江新区"上岗"，开启配送新模式。这些科技感十足的"小 萌车"将成为长沙街头一道亮丽风景线。 6月5日，记者在湖南顺丰谷苑路店看到了一台无人车。这款白色的"小萌车"车长不足3米，车高约1.6米，车身四 周装有高清摄像头，车顶安装有激光雷达。现场，店经理王明远正在将快件有序装入车厢。 装车完毕，王明远通过手机App设定终点，启动发车指令。无人车随即沿着预设的沁园路-谷苑路-汇智路平稳行 驶。行驶过程中，该车循环播放"自动驾驶中，随时停车，请保持两米车距"的提示音，吸引了不少路人观看。该 车不仅能根据路况自动调节车速，还能精准完成转弯、变道等操作。 约15分钟后，这台无人车顺利抵达终点麓谷•创智汇小区的指定停靠点。在此等候的快递员迅速将快件转运至电动 三轮车上，而无人车则沿原路自动返航，全程用时不到40分钟。 王明远介绍，以前在网点和小区之间来回跑一趟要四五十分钟。有了无人车接驳后，小哥有更多时间、精力服务 终端客户，送件速度也快了不少。" 识别障碍物 ...

Investment Rating - The report maintains a "Buy" rating for integrated players such as SF Holding, JD Logistics (JDL), and the leader ZTO, while adopting a "Neutral" rating for others like STO, Yunda, and J&T, and a "Sell" rating for YTO and Sinotrans-A/H [7][21]. Core Insights - The express delivery sector in China is experiencing intense price competition, leading to a decline in average selling prices (ASPs) and profitability across franchise-based players, while integrated logistics providers show resilience [1][21]. - The report revises the expected industry volume growth for 2025E from 18% to 20% year-on-year, driven by a shift towards lightweight and small parcels, and the growth of emerging eCommerce platforms [2][21]. - The report highlights that the competitive landscape will depend on strategic adjustments by incumbents and potential policy interventions to stabilize pricing [1][21]. Summary by Sections Industry Overview - The express delivery sector concluded 1Q25 with a 22% year-on-year volume growth but faced a 6-10% decline in ASPs across major players [21][22]. - The ongoing price competition is attributed to a trade-down trend in eCommerce goods and the need for express players to maintain capacity utilization [22][23]. Financial Performance - The report indicates that the group operating profit for Tongda players is expected to decline by approximately 12% year-on-year in 2025E, with SF being the only player projected to see double-digit profit growth [6][7]. - Adjusted net profit forecasts for franchise-based players are revised downwards by 9% to 19% below Bloomberg consensus [7][21]. Company-Specific Insights - SF Holding is noted for its strong performance, with a 20% year-on-year EBIT growth in 1Q25, benefiting from cost optimization and a diversified revenue stream [1][40]. - ZTO is highlighted as the only Buy-rated franchise-based express delivery name, expected to stabilize its market share despite near-term earnings weakness [7][21]. - Yunda and YTO are projected to experience low-to-mid teens year-on-year profit declines, while STO and J&T China are expected to see flat earnings [6][7]. Market Dynamics - The report anticipates continued competition in 2Q-3Q25, with potential for strategic adjustments or industry consolidation to mitigate pricing pressures [1][21]. - The ASP for express delivery services is forecasted to decline by 6% to 8% across major players in 2Q25E, reflecting a slightly easier base compared to 1Q [22][23]. Volume and Revenue Estimates - The report raises the industry volume estimate for 2025E to 20% year-on-year, factoring in strong growth momentum and a shift in parcel mix [2][21]. - Revenue estimates for ZTO are cut by 6% due to less-than-expected impacts from gross revenue bookings, while Yunda and YTO see slight revenue increases [2][6]. Valuation - The report continues to value China express delivery companies based on a 1-year forward EV/EBITDA multiple, which remains unchanged at an average of 7X [13][15].

Core Points - Taobao Tmall has launched a high-quality logistics service brand "Express Door-to-Door" in collaboration with SF Express during the Tmall 618 shopping festival [1][2] - The service aims to enhance consumer experience by providing next-day delivery and showcasing a dedicated brand logo for eligible products [1] - The platform plans to expand the service by inviting other logistics partners to join, thereby increasing the coverage of premium services [2] Summary by Sections Service Launch and Features - "Express Door-to-Door" service has been introduced with SF Express as the initial logistics partner, allowing products to display the service logo when they meet the next-day delivery standard [1] - Merchants who commit to using SF Express will have their products highlighted with messages like "Free Shipping with SF Express" to improve consumer recognition [1] Merchant Participation and Benefits - The service is currently in a pilot phase with select merchants, and after successful testing, it will be opened to all eligible merchants, allowing them to benefit from the service branding and commitments [1][2] - The logistics experience manager at Taobao Tmall emphasized that quality logistics capabilities will become a key competitive metric for merchants, leading to increased platform resource support for those meeting the standards [2] Integration with Evaluation System - Taobao has announced a new store evaluation system called "Real Experience Score," which will directly link scores to core areas such as product quality, logistics speed, and service assurance [2] - Logistics speed, particularly "logistics delivery time," will be a critical evaluation metric, allowing high-quality logistics service providers to gain more traffic and resource support [2]

Core Insights - Taobao Tmall has launched a significant upgrade in logistics services with the introduction of the high-quality logistics service brand "Jisu Shangmen" during the Tmall 618 shopping festival [1] - The first phase of this initiative partners with SF Express, allowing products that meet next-day delivery standards to display the "Jisu Shangmen" brand logo [1] - All merchants who commit to using SF Express for delivery will showcase messages like "SF Free Shipping, Door-to-Door Delivery," enhancing the express service's visibility [1] - This move follows a series of measures aimed at improving the merchant environment, including combating fraudulent activities and optimizing service quality [1]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [5] Core Insights - Seanergy's Q1 revenue and net profit declined year-on-year, while the Shanghai Containerized Freight Index (SCFI) surged by 30.68%, marking the second-largest weekly increase in history [2][12] - Domestic passenger fuel surcharges for air travel have been reduced, and Beijing Daxing Airport's cumulative import and export volume has exceeded 100 billion yuan [2][14] - Aneng Logistics reported Q1 revenue of 2.587 billion yuan, with a year-on-year growth of 8.8%, while SF Airlines launched its first fifth freedom cargo route [2][19] Summary by Sections 1. Industry Hot Events - Seanergy's Q1 revenue was $2.4206 million, down 36.8% year-on-year, with a net loss of $6.829 million [2][12] - The SCFI increased to 2,072.71 points, up 30.68% week-on-week, driven by significant price hikes in major routes [2][13] - Domestic air travel fuel surcharge adjustments took effect on June 5, 2025, potentially boosting passenger willingness to travel [2][14] - Daxing Airport's cumulative import and export volume reached 102 billion yuan, highlighting its growing role in international trade [15] 2. Industry High-Frequency Data Tracking - Air cargo prices showed a stable trend in May 2025, with the Shanghai outbound air freight price index at 4,444 points, down 10.3% year-on-year [23] - Domestic cargo flight operations decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [31] - The SCFI reported a week-on-week increase of 30.68%, while the Baltic Dry Index (BDI) rose by 5.74% [38][41] 3. Company Performance - Aneng Logistics achieved Q1 revenue of 2.587 billion yuan, with a net profit of 228 million yuan, reflecting a 15.8% year-on-year increase [19][20] - SF Airlines launched its first international cargo route to Canada, enhancing its global logistics network [21] 4. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [3] - It also highlights investment opportunities in low-altitude economy sectors and cruise shipping [3]

Group 1: SF Airlines and Etihad Airways Partnership - SF Airlines and Etihad Airways signed a cargo joint venture agreement to enhance cargo capacity and expand network capabilities [1] - The partnership aims to create a seamless shared network based on the principle of "capacity neutrality," improving operational efficiency and service quality [1] - This collaboration is a significant step in SF Airlines' international strategic layout, potentially reducing operational costs and increasing market competitiveness [1] Group 2: AliExpress Expansion in Poland - AliExpress has opened its platform to local Polish merchants, aiming to expand its local business development [2] - The platform has already attracted several well-known Polish companies over the past year, with a focus on categories such as 3C digital products, home appliances, sports entertainment, and automotive parts [2] - The initiative includes incentives like "no deposit and no commission for the first three months," which is expected to attract more local merchants and drive platform growth [2] Group 3: Humanoid Robot Company Funding - The humanoid robot company "Accelerated Evolution" completed its Series A financing, led by Shenzhen Capital Group with participation from other investors [3] - The funding will primarily be used for product iteration and large-scale production delivery [3] - The humanoid robot market is rapidly developing, and this financing supports "Accelerated Evolution" in meeting market demands for efficient and reliable robotic products [3] Group 4: Nintendo Switch 2 Launch - The Nintendo Switch 2 has surpassed 400,000 pre-orders on JD.com ahead of its global release on June 5, priced at 3,889 yuan [4] - The new console features an upgraded screen from 6.2 inches to 7.9 inches, supporting 1080p HD and a 120Hz refresh rate [4] - The high pre-order volume indicates strong consumer interest and anticipation, which may help Nintendo solidify its position in the competitive gaming console market [4]

Core Viewpoint - The rapid growth of the e-commerce industry has led to an explosive increase in express delivery volumes, necessitating a green transformation in packaging to address environmental concerns [1][4]. Group 1: Regulatory Changes - The implementation of the revised "Express Delivery Temporary Regulations" on June 1 introduces a dedicated chapter on "express packaging," filling a regulatory gap and providing legal support for the green transformation of packaging [1]. - The new regulations encourage technological innovation and the use of new materials and processes to develop environmentally friendly packaging solutions [2]. Group 2: Industry Innovations - Major express delivery companies are actively developing new green packaging materials, such as biodegradable plastics, to replace traditional plastics and mitigate waste pollution [2]. - JD Logistics has reduced raw material usage per package by 5% to 25% in 2024, resulting in a carbon emission reduction of 12,200 tons, while also promoting over 20 million biodegradable packages [2]. - Shanghai Jitu Express has invested in green packaging, deploying 3.737 million fully biodegradable waterproof bags and 344,000 rolls of biodegradable tape by the end of 2024 [2]. Group 3: Waste Reduction Strategies - The new regulations mandate that express packaging must meet operational requirements, conserve resources, and prevent excessive packaging to minimize environmental impact [3]. - JD Logistics has increased the proportion of direct shipments from manufacturers from approximately 5% to 25% and aims to further reduce secondary packaging by over 1 billion items in 2024 [3]. Group 4: Recycling Initiatives - Express delivery companies are establishing nationwide packaging recycling networks, incentivizing consumers with rewards to enhance recycling rates [3]. - SF Express has introduced smart recycling bins in Shenzhen, achieving effective resource recovery and cost reduction [3]. - Circular packaging is being widely adopted across major e-commerce and logistics platforms, with companies like Meituan and SF Express utilizing reusable packaging solutions [3][4].